Page 41 University of Technology, Jamaica Notes to the Financial Statements 31 March 2020 (expressed in Jamaican dollars unless otherwise indicated) 18. Reverse Repurchase Agreements The University entered into Reverse Repurchase Agreements collateralised by Government of Jamaica securities. These agreements may result in credit exposure in the event that the counterparty to the transaction is unable to fulfill its collateral obligations. 2020 Within 3 Months 3 to 12 Months Carrying Value Carrying Value 2020 2019 $’000 $’000 $’000 $’000 Securities purchased under resale agreements 1,272,979 302,695 1,575,674 1,850,084 Interest receivable for the above resale agreements are as follows: $6,823,000 (2019 – $8,065,000). The weighted average interest rate on the investment securities is 2.55% (2019 – 2.50%). Included in reverse repurchase agreements is $402,515,000 (2019 $1,342,574,000) with original terms of maturity less than 3 months classified as cash and cash equivalents (Note 19). University of Technology, Jamaica 157
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